VS.

Isoquant vs. Isocost

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Isoquantnoun

(economics) A line of equal or constant economic production on a graph, chart or map

Isocostnoun

(economics) A curve that represents a combination of various inputs that cost the same.

Isoquant

An isoquant (derived from quantity and the Greek word iso, meaning equal), in microeconomics, is a contour line drawn through the set of points at which the same quantity of output is produced while changing the quantities of two or more inputs. The x and y axis on an isoquant represent two relevant inputs, which are usually a factor of production such as labour, capital, land, or organisation.

Isocost

In economics, an isocost line shows all combinations of inputs which cost the same total amount. Although similar to the budget constraint in consumer theory, the use of the isocost line pertains to cost-minimization in production, as opposed to utility-maximization.

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